CEO career experience and firm innovativeness: Considering the moderating effect of independent directors

Abstract

產業環境的更迭與多變，使得提升企業創新能力成為重要的企業營運課題。相關文獻與實務案例均指出總經理對於企業創新有著重要影響，但過去研究仍未能全面指出影響原因，尤其是關於總經理職務特性的影響更為少見。爰此，本研究探討總經理職業經驗對於企業創新的影響，並兼論獨立董事對此關係的調和效果，以填補總經理對與企業創新關係的文獻上的不足。本研究以2002-2014年的臺灣上市科技公司為研究對象，結果發現總經理的職涯多樣性對於企業創新效益有正面的貢獻，而此正向關係因為獨立董事與總經理之間具有共通的職業經歷而得以強化。

This study investigates the relationship between managerial attributes and firm innovativeness by examining the direct effect of CEO career variety, and the moderating effects of independent directors by building on the behavioral agency theory and motivation/cognition perspective. Using a sample of Taiwanese high-tech firms in the period 2002~2014, we found that the CEO career variety has a positive effect on firm innovativeness, and the positive moderating effect of board independence can be demonstrated only when independent directors have higher levels of shared expertise with their CEOs. These results reinforce the critical role of CEOs in driving innovation in the companies they lead and shed lights on the importance of the background commonality between CEOs and independent directors.